The cellulose esters market is projected to grow from 9.27 billion in
2018 to USD 12.43 billion by 2023, at a CAGR of 6% from 2018 to 2023.

The growing use of cellulose esters in various applications, increasing
demand for cellulose esters from the Asia Pacific region, and ongoing
technological advancements in various applications are leading to the
growth of the cellulose esters market across the globe.

Moreover, the increasing demand for cellulose esters from major markets
such as India and China is also fueling the growth of the cellulose
esters market.

However, the rising awareness among masses regarding the health risks
posed by smoking is expected to hamper the growth of the cellulose
esters market across the globe.

The cellulose acetate type segment is projected to lead the cellulose
esters market during the forecast period in terms of both, value and
volume. The growth of this segment of the market can be attributed to
the wide applicability of cellulose acetate esters in various
applications such as cigarette filters, coatings, plasticizers, and
films & tapes as these esters offer excellent mechanical and physical
properties.

The coatings application segment is projected to lead the cellulose
esters market during the forecast period, in terms of value. The growth
of this segment of the market can be attributed to the increased use of
cellulose esters in coatings required by the automotive and oil & gas
industries.